Printer Friendly

ASBESTOS CLASS ACTION REHEARING APPROVAL CLEARS THE WAY FOR NEW SETTLEMENT AGREEMENT FOR MANVILLE TRUST

 WASHINGTON, May 7 /PRNewswire/ -- In response to the May 5 decision of the United States Court of Appeals for the Second Circuit partially reversed its own Dec. 4, 1992, ruling in Findley v. Blinken, the Manville Personal Injury Settlement Trust has now engaged in definitive negotiations with representatives of the plaintiffs' bar. Those negotiations, if successful, will lead to a new claims payment system, and designation of appropriate sub-classes.
 In an unusual action, the Second Circuit Court of Appeals referred to pivotal factual and legal points underlying their Dec. 4 reversal of the class action establishing an asbestos claim processing system for the Trust, and stated that their "factual point was somewhat incorrect and our legal point was entirely incorrect."
 Robert A. Falise, chairman and managing trustee of the Trust, stated that "The Trust is pleased with the court's new ruling because it permits the equitable payment of claims to all beneficiaries of the Trust rather than full payment to only relatively few who filed their claims early, as might have been required under the court's December ruling." Falise also stated that the decision cleared the way for negotiation of a new settlement of the class action before U.S. District Court Judge Jack B. Weinstein in New York, which would lead to the resumption of payments to about 200,000 people claiming injuries from exposure to asbestos. Falise strongly urged the plaintiffs' bar to cooperate in swiftly reaching that settlement.
 The Trust has about $2.5 billion in assets for such payment, but has been prevented from making any payments since July 1990 by a court order, pending resolution of litigation involving the class action.
 -0- 5/7/93
 /CONTACT: Terri Rae Shull of the Manville Personal Injury Settlement Trust, 202-872-9044/


CO: Manville Personal Injury Settlement Trust ST: District of Columbia IN: HEA SU:

IH-DC -- DC024 -- 6146 05/07/93 17:17 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 7, 1993
Words:314
Previous Article:MAJORITY OF FDA PANEL SAYS SUPLEMENTAL-BST LABELING NOT 'SOUND POLICY'
Next Article:COORS, KAISER TACKLE WORKPLACE HEALTH CARE ISSUES
Topics:


Related Articles
PROPOSED MANVILLE AMENDMENT LIMITS ASBESTOS LIABILITY AT EXPENSE OF CO-DEFENDANTS AND PLAINTIFFS
ARMSTRONG WORLD INDUSTRIES ISSUES STATEMENT REGARDING CCR ANNOUNCEMENT
LANDMARK PROPOSAL COULD SIGNAL THE BEGINNING OF THE END OF ASBESTOS LITIGATION IN THE UNITED STATES
USG CORPORATION SUBSIDIARY REACHES ASBESTOS SETTLEMENTS WITH SCHOOLS
ASBESTOS CLAIMANTS DECEIVED ABOUT TERMS OF MASSIVE SETTLEMENT, JUDGE FINDS
CENTER FOR CLAIMS RESOLUTION ISSUES STATEMENT
U.S. Supreme Court to Hear Landmark Asbestos Agreement; Decision Will Settle Circuit Courts' Conflict on Class Settlements
U.S. Supreme Court Fails to Preserve Model Asbestos Settlement
Owens Corning Sues Tobacco Companies for Harm Caused by Smoking
Asbestos: A Moving Target.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters